Ireland bailout

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Ireland to Be 1st in Eurozone to Exit Bailout

By end of year as the country passes its latest EU/IMF test

(Newser) - In "a much-needed success story" for the EU, Ireland looks on course to become the first eurozone country to exit its bailout program —a $114 billion aid deal to be complete by the end of 2013, Reuters reports. The European Union and International Monetary Fund said the country... More »

Portugal Gov't Verges on Collapse

Country could soon go the way of Greece, Ireland

(Newser) - Today promises to be a tumultuous day in Portugal, with all signs pointing to the resignation of Prime Minister Jose Socrates and the collapse of his minority Socialist administration. The country’s parliament is expected to vote down Socrates’ austerity plan, a move the prime minister contends will force the... More »

Angry Voters in Ireland Rout Ruling Party

Leaders associated with collapse, bailout are sent packing

(Newser) - Irish voters have finally had enough of Fianna Fail, the long-dominating party blamed for leading the country into economic ruin, reports the Irish Independent . It's not clear whether opposition Fine Gael will get enough seats for an outright majority or will need to form a coalition government with a smaller... More »

Why the Euro Was a Horrible Mistake

And how Europe can rectify it

(Newser) - Europe is a little like a classic Greek tragic hero, brought low by a singular act of hubris: the creation of the euro. In a lengthy piece in the New York Times , Paul Krugman argues that the euro was always a dubious idea, but European leaders “engaged in magical... More »

Germany Must Stop Carping, Step Up in Euro Crisis

Berlin's not getting the bigger picture, writes Roger Cohen

(Newser) - Is the euro the new League of Nations—a grand experiment that eventually gets abandoned and left to waste away? With bailouts in Greece and Ireland and threats to Portugal and Spain, the currency “can no longer take its survival for granted just because its collapse would be unthinkable,... More »

Irish Protest Austerity Plan

Thousands take to the streets of Dublin

(Newser) - As the final details of an international bailout were being ironed out, thousands of protesters clogged the streets of Dublin today to protest the nation's new austerity plan, reports the BBC . Among other things, it's going to mean tax hikes, sharp drops in public assistance, and thousands of layoffs in... More »

Europe Markets in Turmoil Over Debt Worries

New concerns (and rumors) center on Portugal, Spain

(Newser) - Authorities across Europe rejected a report that a Portuguese bailout would cut the risk of Spain needing similar action, the Wall Street Journal reports. A German paper had cited German finance ministers in the matter, but the ministry, Portugal, Spain, and the European Commission all said Portugal wasn’t being... More »

Irish Citizens Pay the Price for 'Sins' of Bankers

Paul Krugman: Austerity programs aren't working anyway

(Newser) - "Private wheeler-dealers" caused Ireland's mess, but the Irish government has been punishing its citizenry for three years now with austerity programs to repay the debt incurred, writes Paul Krugman. This pain is necessary to restore confidence, say all the "wise heads," even though the deep spending cuts... More »

Horses Starving in Cash-Strapped Ireland

Some 20K have been abandoned in sad herds

(Newser) - Among the hardest-hit victims of Ireland's economic crisis are the nation's beloved horses, who have been abandoned by the thousands and face a winter of starvation. Unwanted horses have driven the price for them so low that it's now cheaper to buy a new horse than to pay a vet... More »

IMF: Ireland Should Cut Taxes—for Women

'Sexist' plan slammed as austerity budget unveiled

(Newser) - The International Monetary Fund has proposed a range of measures to help Ireland restore its economy to health and some Irishmen are finding one in particular hard to swallow. The IMF recommends that the country cut income tax rates by 5%—for women only. Economists say this would boost the... More »

Europe's Bailouts Aren't Working

Europe needs to do more than force Ireland and Co. to slash budgets

(Newser) - First there was Greece. Then Ireland. And now it looks like Portugal and Spain are next. “Let’s just be blunt: The Eurozone bailout program has failed,” writes Michael Schuman in Time . Europe has so far hoped that throwing money at troubled countries and ordering them to cut... More »

Irish Government Collapses After Bailout Deal

Brian Cowen says he will call election after budget passed

(Newser) - The bailout deal that Ireland's government reluctantly agreed to over the weekend has come too late to save at least one Irishman's job. Prime Minister Brian Cowen's ruling coalition has fallen apart and he has promised to dissolve the government after the country's 2011 budget is passed in December, the... More »

Ireland: OK, OK, We'll Take the Bailout

'It will happen, absolutely,' says Central Bank governor

(Newser) - Ireland finally dropped the denial act today, with central bank chief Patrick Honohan saying that, yes, fine, the country would take a bailout from Europe and the IMF. “It is my expectation that will happen, absolutely,” he said. “It will be a large loan, because the purpose... More »

Europe Works Out $135B Irish Rescue Deal

...Even though Ireland insists it doesn't want to be rescued

(Newser) - Senior European financial officials emerged from a meeting in Brussels yesterday saying they were “intensifying preparations” for an Irish bailout of up to $135 billion. IMF experts will head to Dublin this week to examine the country’s finances and work out the details, the Wall Street Journal reports.... More »

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